Westlake Financial Services has announced the nationwide rollout of its e-contracting automotive loan origination solution in 50 US states through DealerCenter.
The e-contracting solution allows both independent and franchised dealers to sign contracts electronically, upload supporting documentation, and instantaneously push all information to Westlake as soon as the loan package is complete.
This simplified process typically results in better customer service, fewer missing documents, and faster funding, the lender says.
To date, Westlake has funded more than 32,000 e-contracts using the solution. On average, these e-contracts have been funded a half-day faster than traditional deals.
Jack Ratusnik, Westlake’s senior project manager, said: “Our goal was to launch e-contracting in all 50 states by the end of 2017. We have achieved that goal two months early.
“This rewarding project involved many employees from various business units, Nowcom, and our partner, eOriginal. E-contracting has been a huge success for Westlake and our dealers.”
Casey Harmon, senior vice president of corporate development (pictured above) said that dealer have consistently embraced e-contracting as it has been rolled out in each state/
Harmon added: “They haven’t needed to purchase special equipment to implement the solution, because we built it to work regardless of their IT setup. That means they can e-contract with Westlake using everything from the latest tablet or phone to a basic computer and mouse configuration.”
E-contracted deals now make up 20% of Westlake’s monthly originations and this ratio is expected to increase in the future, according to Mark Vazquez, Westlake’s senior vice president of sales and marketing.